LAS VEGAS—As 2024 has already shown, the retail sector is showcasing robust resilience and growth, marking a stark departure from the challenges of the past decade. According to Josh Poag, the President and CEO of Poag Development Group, the momentum in retail is palpable, with demand for new developments reaching unprecedented levels.
In recent years, he tells GlobeSt.com, the retail landscape has been nothing short of dynamic. "Retail has been on a tear for the past few years and, with its stability and growth, 2024 has started off exceptionally positive."
Poag highlights a significant trend driving this resurgence: the scarcity of new retail developments over the past decade has created a pent-up demand for fresh projects. Consequently, rents are on an upward trajectory while vacancy rates continue to plummet, translating into substantial income growth for existing retail establishments.
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